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VAT will be a simple tax on the supply of goods and services – Chancellor of Exchequer, 1972
Clearly none of the above statements is true. What is true is that for many people, including accountants, VAT is the most challenging and complicated tax that they have to deal with. In recognition of this at Burgis & Bullock we have a team of VAT specialists who are dedicated on a full time basis to dealing with all of our clients’ VAT concerns. VAT work can involve simple compliance matters right through to the VAT consequences of very complex corporate transactions. We have found that there is no such thing as a ‘simple’ VAT question’.
Our VAT team works closely with our clients because what may seem like a very simple issue can very quickly turn in to a horror story if not handled properly. Whilst direct tax may be complex there can be some logic to the approach. Unfortunately this cannot always be said of VAT where the conclusion may make no sense at all.
Our team of specialists has considerable expertise and knowledge of all aspects of the tax and its requirements. They all have experience of both working directly for HMRC and specialising in VAT for many years within the accountancy profession so they understand the pitfalls and the loopholes of VAT legislation and how to make best use of them in your business. Particular areas of expertise includes charities and other not for profits, the financial sector, Land and Property, the health sector and other professionals, particularly other accountants.
We can advise you on any requirement to register or de-register or whether voluntary registration or de-registration may be beneficial.
Whether applying for VAT registration, group registration or de-registering from VAT, we can help you prepare the necessary forms and monitor their progress with HMRC, to ensure the process goes smoothly.
We can advise on the regulatory requirements for accounting for VAT on a day-to-day basis. This could be advising on the content required for a VAT invoice, the correct time for charging and accounting for VAT and when VAT can be claimed. We can advise on the VAT liability of your supplies (goods or services) to make sure VAT is only charged where necessary.
It’s very important to consider VAT before undertaking any major or unusual business transaction. A little judicious planning undertaken early on in the process can save hours of heartache at a later stage.
Property transactions are generally both expensive and complicated. Unfortunately, the VAT regulations are particularly complex and costly mistakes are easily made. We advise on all aspects of property transactions and regularly hold seminars on the topic for commercial property lawyers.
VAT is a tax on business transactions. Not for profit organisations are often in receipt of grants and donations that fund various activities that don’t qualify as being business activities from HMRC’s vantage point. Charities, sports associations, professional societies, trade unions and other not-for-profit organisations often have a partially exempt status under VAT legislation. There are various reliefs available that were introduced with a view to easing the VAT burden for charities but the rules are subtle and opportunities to recover valuable sums or avoid VAT at source are frequently overlooked. To top it all off, the VAT affairs of many of these organisations are administered by part time volunteers. Thankfully, we have considerable experience in assisting with the myriad of complex issues that affect this sector.
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